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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is Total Product?
💡 Hint: Think about what happens to output when you change one factor of production.
Question 2
Easy
Define Average Product.
💡 Hint: It’s about finding the average output per unit of input.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What determines Total Product?
- The number of inputs
- The difference between total revenue and total cost
- The variable input and fixed inputs
💡 Hint: Consider how production relies on both fixed and variable contributions.
Question 2
True or False: Average Product always increases when Marginal Product increases.
- True
- False
💡 Hint: Think about the relationship between these two concepts.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given the Total Product for labor shown as L=1 (10), L=2 (20), L=3 (30), compute the Marginal Product and Average Product for levels of Labor employed.
💡 Hint: Use the differences in Total Product to find Marginal Product.
Question 2
Evaluate a production function with diminishing returns. How does increasing one input while keeping others constant change Total Product?
💡 Hint: Consider the concepts of saturation in production resources.
Challenge and get performance evaluation